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Nordic Gold shares rise as the explorer releases new technical report showcasing gold levels at Laiva project

The new report is a crucial step in bringing the former producing mine back online

Laive Gold Mine
Nordic engaged Coffey Geotechnics to complete the assessment, known as a National Instrument 43-101 Technical Report

Nordic Gold Inc (CVE:NOR) (OTCMKTS:FIEIF) has released a technical report regarding its Laiva Project in Raahe, Finland, an important step in bringing the gold mine back into production. 

The new technical report revealed a total resource of nearly 7.6 million tons at 1.6 grams per ton gold, good for around 379,500 ounces in the measured and indicated categories. 

Shares of Nordic Gold gained 14.3% in afternoon trading in Toronto at C$0.04 and traded at US$0.03 on OTC markets.

READ: Nordic Gold issues shareholder letter outlining plan to bring the Laiva gold mine back to production

Including the inferred category, the report suggested a gold resource of 32.3 million tons grading at 1.53 grams per ton, which would result in 1.59 million gold ounces. 

"The release of this report is a significant milestone for the company and signifies the achievement of one of the company's key objectives,” CEO Brian Wesson said in a statement.

“The technical report supports our confidence in the project as we progress towards restarting Laiva."

The company engaged Coffey Geotechnics Ltd, a Tetra Tech Inc (NASDAQ:TTEK) company in order to complete the assessment, known as a National Instrument 43-101 Technical Report. 

Wesson came to the company by way of Lionsbridge Capital, a firm that Nordic Gold hired in July to provide management services in order to help revive the Laiva Project.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Quick facts: Otso Gold Corp.

Price: 0.055 CAD

Market: TSX-V
Market Cap: $12.8 m

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on 5/12/19

2 min read